5 Ways Small Businesses can Weather Uncertain Economic Times

The very first thing to do is to review all expenses. Not just some or the top, but everything. You’ll likely be reminded of at least one that’s either unnecessary or simply too costly to maintain in its current status.

In an uncertain economy when every penny counts, even the smallest increase in revenue or reduction in expenses can have an impact on company profitability. The good news is a large-scale company overhaul isn’t necessary. It’s often simple, common sense steps that improve the bottom line, especially for a small business. Q1, 2020 is a good time to step back and look carefully at your business practices. —American Express

Then, it’s time to start to reduce discretionary spending. Here again, don’t just settle for around the margins. Instead, think about where you can cut when it comes to discretionary spending. You’ll probably be surprised by how much you’re wasting and don’t even realize it.

More Ways of Dealing with an Economic Downturn

Of course, those two things won’t do it alone. While reviewing expenses and cutting down on discretionary spending will most certainly help out, you’ll probably be able to do more — a lot more. For instance, you can do the following:

Buy more carefully. This is different from discretionary because these entail essentials. Although these things are necessities to run your business, you can probably get away with buying a little less. Doing so across a few or several items will have a cumulative savings effect that will make a real difference.

Cut down on extras. Overtime, perks, even benefits are all part of this particular category. (You should be doing this periodically, about once to twice per year, anyway.) Again, you’ll likely be a bit shocked by how much these items are costing you, especially when added-up together.

Consider cutting pay. This doesn’t just apply to your employees, but you as the owner, as well. Yes, you. It might be necessary to reduce team member hours, and even take a temporary pay cut yourself. This will not only help you weather the storm, but also, it shows real leadership. Moreover, it sends a clear message that you are part of the solution, rather than part of the larger problem.

Innovate. Huddle up with your key employees and leaders and challenge everyone with to come up with 2 or 3 innovative strategies to create or capture new revenue sources that you are currently not generating. Many successful businesses have found way to survive and in some cases developed entirely new services and products that resulted from innovating during difficult times. Necessity is the mother of invention. Plato.

What other measures would you suggest? Please share your thoughts and experiences by commenting!

Interested in learning more about business? Then just visit Waters Business Consulting Group.

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How Gelato Cimmino Turned an Italian Family Recipe Into a Nearly 2,000-Person Grand Opening

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Mario Cimmino grew up in Torre del Greco, a small town in Southern Italy, where some of his fondest childhood memories involved eating unpasteurized, pure-cream gelato with his family. Years later, as a successful business owner in Scottsdale, Arizona, he decided to bring that authentic taste to the U.S. — but launching a food and beverage brand from a standing start meant navigating everything from licensing to marketing to sourcing ingredients an ocean away. “I really appreciate John’s help,” said Mario Cimmino, Owner of Gelato Cimmino. “I don’t think I would have made it without his help.” Big Vision, Untested Ground Mario already owned the commercial property for his shop and had succeeded in other ventures, but opening a specialty food business was new territory. He needed a business structure and a set of growth steps built from scratch, along with a marketing plan strong enough to generate real buzz for an unproven concept. Beyond that, there were the less glamorous but essential pieces: understanding the licenses and registrations required to operate, and figuring out how to stand out in a market with existing gelato and dessert competitors nearby. Engineering a Grand Opening Waters Business Consulting Group started with the numbers, building a business model that showed Mario exactly what revenue he’d need to drive based on his cost structure — critical information before a single scoop was sold. From there, the team provided guidance and support so Mario could import raw gelato ingredients directly from Italy, preserving the authentic recipe and quality he grew up with. On the marketing side, the goal was ambitious: a grand opening with more than 1,000 people in attendance. The team built a comprehensive marketing plan using social media, PR outreach, and brand-building strategies designed to create a following before the doors even opened. That included orchestrating an event specifically for food critics and local publications, giving them a reason to write about Gelato Cimmino on their own channels ahead of the launch. A financial model mapped out the upfront capital investment needed for equipment, staffing, and the buildout itself, while a hiring strategy and clear position descriptions ensured Mario brought on quality staff from day one. The team also assisted with developing the business’s website to support the launch. A Line Down the Sidewalk The strategy worked, and then some. Opening day drew a line down the sidewalk of almost 2,000 people — nearly double the original goal. The PR outreach paid off too, with multiple media outlets covering the event and amplifying the buzz well beyond Scottsdale. Several years later, Mario has kept the momentum going and is now working toward franchising Gelato Cimmino across Arizona and the broader Southwest. Ready to Launch or Scale Your Concept? Whether you’re opening your first location or planning your next one, having a real plan behind the excitement makes all the difference. Reach out for a free consultation to talk through what that plan could look like for your business. Contact Waters Business Consulting Group to schedule your free consultation.

How Would Your Life Change?

You didn’t start your business just to stay busy—you built it to create freedom, security, and options for yourself and your family. Selling your business can be life-changing, but the real question is whether you’re intentionally building toward that outcome or simply leaving it to chance.

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5 Ways Small Businesses can Weather Uncertain Economic Times